Pros: Great co-workers, fascinating work, blue-ribbon health coverage
Cons: Low pay, instability on a system level
The people who work at UW-Madison are absolutely top-notch. The management I had daily contact with in my position were friendly, super-helpful, concerned about us individually. They "get" that most of us have real lives to go home to, and my co-workers and managers bent over backwards several times as I dealt with a couple of serious family illnesses and other situations. Cannot recommend the day-to-day atmosphere too highly.
In the same vein, I can't stress enough how toxic the UW System's relationship is with the current Wisconsin legislature. While my particular position was entirely stable due to not being tied to the state budget, there was a lot of angst around me for my entire six years here, and my (already meager by coder standards) take-home pay went down by about 12% during my time here, and that downward slide doesn't look like letting up.